Market Trends of Medical Tourism Industry
Cosmetic Treatment Segment is Expected to Witness Significant Growth During the Forecast Period
- Cosmetic treatments refer to a range of medical procedures and interventions performed to enhance a person's appearance, improve their self-esteem, or address aesthetic concerns. These treatments are often elective and non-essential from a medical perspective, focusing on areas such as skin care, body contouring, facial rejuvenation, and more. Medical tourism plays a significant role in the world of cosmetic treatments due to several key factors. First and foremost, it offers individuals the opportunity to access high-quality cosmetic procedures at a fraction of the cost they might incur in their home countries. Many countries, particularly in Southeast Asia and Latin America, have developed a reputation for providing high-quality cosmetic services at competitive prices. Thus, this cost advantage often attracts individuals from more expensive healthcare systems in North America, Western Europe, and other developed regions.
- The growing self-awareness about aesthetic appearance and rising demand for cosmetic procedures are the key factors driving the cosmetic medical tourism market, as people are opting more for these procedures in some other countries primarily due to the high cost of cosmetic procedures in their residing country. For instance, according to the data published by the International Society of Aesthetic Plastic Surgery (ISAPS) in September 2023, about 14.98 million surgical and 18.86 million non-surgical cosmetic procedures were performed globally in 2022, of which the highest number of procedures were reported in the age group of 35 to 50 years (about 4.4 million procedures), followed by the 18 to 34 years (about 2.2 million procedures).
- As per the above-mentioned source, the top five countries with the highest number of cosmetic surgical procedures in 2022 were the United States, Brazil, Mexico, Turkey, and Colombia. The United States reported the highest number of procedures owing to the presence of a sophisticated healthcare system and the presence of a large number of plastic surgeons.
- Moreover, governments and companies are investing heavily to develop the medical tourism industry and boost cosmetic medical tourism in their home countries, which is also projected to play a significant role in the growth of cosmetic medical tourism as with the new investments and launches, there will be more improvement in the infrastructure, leading to increase in the influx of medical tourists seeking cosmetic treatment. For instance, in March 2023, in Indonesia, GC Bio group launched its medical aesthetic clinic NULOOK on Bali Island, which will provide comprehensive K-beauty aesthetic procedures based on bio-medical technology and establish the region as a major cosmetic medical tourism hub. Similarly, in July 2023, India-based SPARSH Group of Hospitals launched its latest state-of-the-art medical department - The Institute of Cosmetic Surgery and Cosmetology, to provide world-class comprehensive aesthetic medicine solutions and can be an option for medical tourists seeking cosmetic procedures in India.
- In conclusion, the growing demand and number of cosmetic procedures and the launch of new cosmetic or aesthetic clinics or departments in countries that offer cosmetic procedures at a very reasonable cost are expected to drive the segment’s growth during the forecast period.
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North America is Expected to Hold a Significant Share in the Market During the Forecast Period
- The North American market for medical tourism is expected to grow during the forecast period owing to factors such as an increased healthcare infrastructure, well-developed research, and improved overall medical science with its clinical research.
- Additionally, increasing technological advancements have led to access to top-notch medical procedures such as cardiovascular surgeries and transplants, cosmetic surgeries, and cancer treatments, leading to proven results with quality care that are further likely to drive market growth in the region.
- Although the medical tourism healthcare cost in the developed nations such as the United States and Canada is expensive compared to many countries, the quality of care for the patients undergoing complicated surgical procedures is worth the cost of medical tourism, driving the market growth. However, the price of medical tourism in the region is lower compared to some European countries overseas. For instance, according to the Go Digit General Insurance Limited company in August 2023, the United States provided quality healthcare through its varied medical facilities and infrastructure, such as ambulatory surgical centers, blood banks, imaging and radiology centers, urgent care facilities, and innovative medical devices and equipment.
- Furthermore, the huge number of well-developed healthcare institutions in North America is anticipated to drive market growth in the region. For instance, according to the American Hospital Association 2024, there were 6,120 hospitals in the United States in 2022. Similarly, according to the government of Canada, in May 2023, the number of medical and surgical hospitals in the country was 779 in the year 2022. This substantial hospital network led to a surge in medical tourism, with patients seeking advanced healthcare treatments being drawn to the country, thereby driving market growth.
- The rising initiatives and investments from the key market players and the governments are anticipated to propel the market’s growth during the forecast period. Government funding to support healthcare infrastructure in the region is also expected to drive market growth during the forecast period. For instance, in February 2023, the government of Canada invested CAD 198.6 billion (USD 144.4 billion) over the past 10 years, including CAD 46.2 billion (USD 33.60 billion), in new funding, to improve health care services in the region.
- In conclusion, the North American medical tourism market is poised for substantial growth driven by advanced healthcare infrastructure, technological advancements, and government investments aimed at enhancing healthcare service.
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